LG, Haier among fastest growing large appliance manufacturers in Q1 2015

The top six appliance brands saw $17.8 billion in sales in the first quarter of 2015 alone.

After posting an average 3.1 percent YoY sales growth in 2014, the top six global appliance manufacturers, namely Haier, LG Electronics, Samsung Electronics, Whirlpool, Panasonic and Electrolux, generated $17.8 billion in sales in Q1 2015 alone. While sales over the course of the quarter were slightly negative YoY, there was a significant gain in average operating profit —16.8 percent — despite a significant one-time charge taken by Swedish appliance maker Electrolux.

The top brands increased their collective share of the global market as well.

Notably, China maker Haier saw growth extended significantly in 2014, reaching 10.2 percent of the global market by retail volume. While much of that growth is within China, the company has been making inroads into other markets as well.

LG Electronics also saw its global share and profit margins grow, based in part on its success in the front-loading clothes washer category.

According to research from analyst Kevin Lee at Korea Investment & Securities, part of the reason for growth has been growing consumer sentiment and spending power in the US, and a better product mix among most manufacturers. Energy-efficient and health-conscious products and product marketing have been particularly successful. The upcoming expansion of QE in the Eurozone is expected to bolster the market for appliances despite the general slowdown in those economies.

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